What are some notable startups in Kerala
Kerala is looking into the possibility of setting up its own VC fund
Kerala Prime Minister Pinarayi Vijayan said Tuesday that a proposal to set up a special venture capital fund (VC) for startups with the support of Kerala Bank and Kerala State Industrial Development Corporation (KSIDC) is being considered.
This will happen alongside the opening of the state market for startup consortia and the migration of the special fund for the development of startups, the state said.
“It is government policy to provide startups with the financial support they need to thrive. The state government will consider increasing the special fund for the development of startups. The state will also take further measures to enable entrepreneurs to improve their skills, ”Vijayan said.
“The government will consider investing more funds to strengthen the marketing side of startups. You can make a strong impression through exhibitions and industrial cooperation on a national and international level. As of this year, the government decided to create an “International Launching Pad” for startups, ”he added.
Addressing various programs and events organized by the Kerala Startup Mission (KSUM), he said women entrepreneurs would receive up to Rs.15 in loan. Startups led by women received a two-year moratorium on supporting KSUM. To make it easier for NRIs to invest in startups, there are programs like the annual Seeding Kerala Event and the monthly Investor Cafe.
The prime minister said startups had already received full rent exemption for four months, and there will be a partial rent exemption for the next three months. “As part of KSUM's Fund of Fund program, 11 startups have been supported by the Kerala Specific Angel Fund, which is the first of its kind in the country,” added Vijayan.
The budget has also suggested establishing startup innovation zones in government departments that will help develop problem-solving innovation for the benefit of the public.
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